Credit Card Depot’s Monthly Credit Card Report: Interest Rates Rise, a 0% Introducotry Offer is Extended to 15 Months, and Two New Cards Hit the Market.
February 15, 2006 (PRLEAP.COM) Business NewsCredit card rates are again on the rise, with the FED raising the prime rate another quarter point. This rate increase has had an immediate impact on credit card interest rates, with most credit card issuers raising their APRs accordingly. Currently, credit cards with APRs lower than 11% are extremely scarce.
Citibank credit cards such as the Citi Simplicity card and the Citi® Platinum Select card are currently available at a 10.49% interest rate. Other than these offerings, most low interest credit cards are offering 11% or higher interest rates.
Two new credit cards of note have been released by American Express: The Blue Sky® Credit Card for consumers and the Platinum Business FreedomPass® Credit Card. The American Express Blue Sky credit card is a no fee travel rewards credit card that offers consumers $100 in travel rewards rebates for every 7500 points accumulated. Given that most travel rewards credit cards offer a $100 rebate at 10,000 points and charge an annual fee, this new American Express credit card is an extremely viable option for credit card rewards junkies. In addition to the rewards value Blue Sky® offers, this credit card also comes with a 0% interest rate on purchases for 6 months. (See http://credit-card-depot.com/applybluesky.htm for more details)
The American Express Platinum Business FreedomPass® Credit Card is a no annual fee Business travel rewards credit card that offers the same travel reward value as Blue Sky®, as well as a 0% interest rate on purchases for 6 months. (See http://credit-card-depot.com/freedompass-american-express.htm for more details)
A positive sign for 0% APR seekers can be seen in the recent extension of the introductory period of the Chase Platinum Card from 12 to 15 months. While Chase is not the first company to offer a 0% interest rate for 15 months, it is currently the only company to offer a 0% interest rate on purchases and balance transfers for this term. Perhaps other credit card issuers will follow suit by increasing their introductory rates as well.
At www.Credit-Card-Depot.com, consumers have heavily favored Chase and Citibank credit cards over other current offerings, with the Chase Cashplus, Citi® Platinum Select, and Chase Platinum Card beating out all other offers in consumer interest. American Express credit cards, particulary American Express® Blue and the The Blue Sky® Credit Card edged into the top five most clicked offers on Credit Card Depot.
About the Author: Jeff Weber is President & CEO of Credit Card Depot Inc. His primary website, www.credit-card-depot.com, has covered the credit card market for over two years, providing consumers with detailed credit card information and links to online credit card applications. Over 40,000 individuals visit www.credit-card-depot.com each month.
The Monthly Credit Card Report is part of a large scale effort by Credit Card Depot Inc to provide consumers with insight into the current credit card market and educate consumers on the positive and negative elements of individual credit cards that are often overlooked in the fine print.